The largest British clothing retailer Marks&Spencer Group Plc set up a joint venture with the Greek Marinopoulos Group to expand its business in Eastern Europe, Bloomberg reported on February 29.
The British company acquired 50 per cent of Marks&Spencer Marinopoulos BV, which manages 38 outlets under franchise in Greece, Romania, Bulgaria and Switzerland, for 50 million euro. Marks&Spencer plans to open 50 new outlets on the Balkans in the coming years, Bloomberg said.
The acquisition is a part of Marks&Spencer's expansion and investment strategy, which includes boosting the share of international revenues to between 15 and 20 per cent over the next five years.
"Our joint venture with Marinopoulos will mean we can really put M&S on the map in this part of the world,'' Bloomberg quoted Carl Leaver, the retailer's director of international business, as saying.
